After reaching a new ATH of around $58,300, Bitcoin has been in strong fluctuations in the past several days, ranging from $45,000 to $52,000. The recent trend of Bitcoin price seems to be a bit bearish since it has not yet stabilized above $50,000.
Moreover, in the past 3 days, every time when BTC hit $50,000, it would soon plunge and go south. However, based on technical analysis, BTC may reach $68,000 before switching to a bearish run.
Bitcoin is in the Accelerated Uptrend Channel, $68,700 will be the Top in short term.
The recent ATH can be considered as at center, then we use the Fibonacci indicator to divide the upper and lower part of the rising channel. Based on the former highest point, we can predict that the Bitcoin price will retrace back to 38% Fib level, which is the starting point of this bull market.
From the above charts, we can notice that before Bitcoin surged to $68,700, there will still be 2/3 of the time that it is trading within the “buy zone”. In the short term, as the uptrend channel converges, the rising pace will accelerate. Then, a massive price correction will follow. However, Bitcoin may break above $100,000 in the relatively long run. If BTC did plummet back to $20,000, then climb to hit $100,000, we will see asymmetry between the peaks.
Profit on BTC Rising & Falling in Bex500
If you are a sincere bitcoin “hodler”, you can just hold tightly your bitcoins in hand and wait for the next bullish run. But if you think that a bearish reversal may occur, BTC futures trading might be a better way for you to avoid BTC depreciation and make profits in both crypto bear and bull markets.
Bex500 is a highly recommended Bitcoin-based futures exchange. Since 2018, Bex500 has established offices in the United States, Hong Kong, Australia, Spain, and Korea, serving more than 2 Million crypto traders around the world.
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Bex500 launched a 100% BTC bonus giveaway activity recently. To deposit 1 BTC, you will get 2 BTC credited in the account.
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More details: https://www.bex500.com/activity/ad_bouns
Smart traders are making great fortunes on bitcoin fluctuations. If you want to get more opportunities to earn big, Bitcoin futures trading is worth a try!